Geo-politics meets the Panama papers: an EU official is threatening Panama with sanctions unless it gets tough on money laundering and cooperates with investigators. Another geo-political effect is to hand Japan a stick to beat China with. In particular the Japanese are gloating over the fact that there are precious few Japanese names and a joyful many Chinese names in the Panama papers. Fimbo, chapa.
Another country seeking Panamanian cooperation is Thailand which is investigating allegations that its citizens laundered funds through Mossack Fonseca.
Venezuela is also probing whether its citizens illicitly hid funds through Mossack Fonseca.
Swiss lawyers and bankers are on the defensive about their prominent relationship with Mossack Fonseca.
It’s suggested that one of the reasons there are comparatively few Americans named in the Panama papers is that US citizens have many other offshore and stateside options to hide their money. On the other hand Ramón Fonseca (one half of the Mossack Fonseca partnership) says the reason there are few Americans is that he prefers not to have them as clients.
Mossack Fonseca now has a separate website to address the media deluge (of which I’m a shameless part) over the leak.
The UK’s Financial Conduct Authority urges British banks to reveal any links they have with Mossack Fonseca.